Stocks soared on Friday, finishing the volatile week on a high note, having their best day in more than two weeks.
The DOW closed 453.40 points higher or +1.4%, to 33,072.88. The S&P 500 rose +1.7% to 3,974.54, hitting a record closing high, and the NASDAQ erased a -0.8% loss to end the session +1.2% higher to 13,138.72. All three indexes rallied to their session highs into the close.
On a weekly level, the DOW and the S&P 500 posted gains for the week, up +1.4% and +1.6%, respectively. The NASDAQ fell -0.6% on the week. However, the market rally has slowed down in recent weeks as rising interest rates and valuation concerns hit big tech stocks.
For the first time since early January, Bitcoin suffered back-to-back weekly losses with a loss of -6% this week. Crude oil suffered the same fate losing -1% on the week marking three straight weeks of declines.
After two straight weeks of gains, gold gave back a little losing -1%, while the U.S. dollar gained +1% marking four weekly gains after the last five weeks.
Key Levels To Watch Next Week:
- S&P 500 (CME:SP500): 3,819.25
- Dow (INDEX:DJI): 31,512.15
- NASDAQ (NASDAQ:COMP): 13,620.71
- U.S. Dollar (ICE:DX): 91.343
- Gold (NYMEX:GC.J21): 1,718.80
- Crude Oil (NYMEX:CL.K21): 58.32
- Bitcoin (BITCOIN:BITSTAMPUSD): 49,133.24
Every Success,
Jeremy Lutz
INO.com and MarketClub.com
